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Real Estate Success With Jim Ingersoll

Real Estate Success Podcast is real investors telling their story of the peaks and valleys that led to their real estate success! Learn about what success is, why you want it and the journey you will take on your way to achieving amazing results. Real Estate Success Podcasts cover all aspects of real estate including realtor strategies, wholesaling houses, flipping houses, creative financing, private lending, self-directed IRAs and more! Each episode will expand your thinking and help you succeed massively. Join your host, real estate investor, author and entrepreneur, Jim Ingersoll, as he shares his vast knowledge of successfully implemented strategies, techniques and tips. Each weekly podcast guest will introduce you to a variety of successful business people involved in various areas of real estate.
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Oct 26, 2016

In this week's Investor Success Podcast, with special guest, Larry Goins, we talk about investing in mobile homes on land.  Larry shares a specific strategy that nets him about $20k per deal with mobile homes.

Discussion Points:

  • Why you will want to invest in mobile homes
  • Mobile home buying criteria for location, price, size, features
  • How to analyze the deal:
    1. Start with market rent to determine what the mobile would rent for
    2. Work the price backwards using 9% interest, 20 years amortization and amount you can get for down payment from a buyer
    3. Example:  Market rent = $600 then you should be able to sell for $66,0000 (plus the $5k down-payment) and your buyers monthly payment will be $583.92
    4. If you want  your investment capital back then plan to sell the note with a 12 - 15% yield meaning you would sell your $59,900 note for approx $45k
    5. If your goal is to net a $20k Profit on your deal then you know you can pay $30k for the mobile home by selling the note for $45,000 and getting a $5,000 down payment from your buyer
  • Sell using a land contract rather then a deed so it is easier to take the mobile back in case of default using a notice of cancellation
  • How to find your mobile home deals
  • Questions from "Success Subscribers"
    1. How did you first start out as an Entrepreneur?
    2. How can we start to invest outside the area we live in?
    3. What is a book that had an impact on you?
    4. Who was an early mentor that helped you on your path to success?

 

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